Haussmann Development has secured a $38.5 million construction loan for its project at 827 Sterling Place in Crown Heights, Brooklyn. The seven-story building will feature 76 rental units, including 23 designated as affordable housing. The total development cost is $55 million and financing is provided by Urban Standard Capital.
The building will offer amenities such as a fitness center, resident lounge, children’s room, bike storage, roof deck and on-site parking. Construction is expected to be completed by summer of 2025.
According to Josef Goodman, principal of Haussmann Development: “The city is facing a housing crisis that can only be addressed through robust development in all areas.” He added that the scarcity of new high-quality rental housing in central Crown Heights makes this project even more important for providing much-needed homes for New Yorkers in one of the best neighborhoods.
This latest news from Haussmann Development showcases their success with securing funding for their BK rental building without mentioning any specific organizations or events related to Connect CRE or other locations like LA or Texas.
